Average price computer



Sept. 19, 1933. (11'. F055 AVERAGE PRICE COMPUTER Filed Dec. 3, 1952 13 Sheets-Sheet 1 FIG. I

INVENTOR ATTORNEY CLIFTON 1'. F055 16c Sept. 19, 1933. c. 'r. Foss 1,927,702

AVERAGE PRICE COMPUTER Filed Dec. 3, 1932 13 Sheets-Sheet 2 FIG. 2 M a M A Z l I INVENT R CLIFTON 11 F083 flaw ATTORNEY Sept. 19, 1933. c. 'r. Foss 1,927,702

AVERAGE PRICE COMPUTER Filed Dec. 3, 1932 13 Sheets-Sheet 3 a FIG3 INVENTOK CLIFTON 1: F035 ATTORNEY 1* 1933- c. T. Foss 1,927,702

AVERAGE PRICE COMPUTER Filed Dec. 3, 1932 13 Sheets-Sheet 4 CLIFTON T FOSS 650 i BY ATTORNEY Sept. 19, 1933. :11. F055 1,92

AVERAGE PRICE COMPUTER Filed Dec. 3, 1932 13 Sheets-Sheet 5 P 1933? c. T. FOSS AVERAGE PRICE COMPUTER 3,1932 13 Sheets-$11961: 6

Filed Dec.

FIG. 6

L004 INVENTOR CLIFTON 1: F053 BY 66W n-ronusv p 1933; c. 'r. Foss 1,927,702

AVERAGE PRICE COMPUTER Filed Dec. 3, 1932 13 sheets-sheet '1 use #51 I I nau n A A J E35 ,14: L

r 3' 1 INVENTOR CLIFTON 1: F053 1323 BY 14 M132 uan (us: I

ATTORNEY Sept. 19, 1933. c. T. Foss 1,927,702

AVERAGE PRICE COMPUTER Filed Dec. 3, 1952 13 Sheets-Sheet 8 FIG. 8

INVENTOR CLIFTON T. F055 BY flaw? ATTORNEY Sept. 19, 1933- c. T. FOSS 1,927,702

AVERAGE PHI CE COMPUTER Filed Dec. 3, 1932 13 Sheets-Sheet 9 FIG. 9

INVENTOR C Ll F'TON 11 F055 ATTORNEY Sept. 19, 1933. c. T. Foss 1,927,702

AVERAGE PRICE COMPUTER Filed Dec. 3, 1932 15 Sheets-Sheet lfl INVENTOR CLIFTON T. F053 ATTORNEY Sept. 19, 1933. c. 1'. F088 1,927,702

AVERAGE PRWICE COMPUTER Filed Dec. 3, 1932 13 Sheets-Sheet 11 l CLIFTON 'IZ FOSS ATTORNEY S p 19, 1933- c. T. FOSS 1,927,702

AVERAGE PRICE COMPUTER Filed Dec. 3, 1932 13 Sheets-Sheet 12 INVENTOR CLIFTON 1'. F055 A'ITORNEY Sept. 19, 1933. v

C. T. FOSS AVERAGE PRICE COMPUTER Filed Dec. 3, 1932 L NI m Q |'l+ h u.

13 Sheets-Sheet l3 INVENTOR CLIFTON T FOSS ATTORNEY Patented Sept. 19, 1933 UNITED STATES PATENT OFFICE AVERAGE PRICE COMPUTER Application December 3, 1932. Serial No. 645,578

, Claims.

This invention relates generally to stock quotation systems and relates more particularly to an average price computer for determining automatically and then displaying the average price of a group of representative stocks.

Many traders engaged in buying and selling stocks confine their operations chiefly to transactions involving a particular group of stocks; for example, one may deal in industrial stocks, another in public utility stocks, and still another in radio stocks. These traders are interested in the price changes in the individual stocks of the group in which they trade, but they are also interested in the average price changes of this group, for this knowledge enables them to follow the general price trend of the group.

At the present time, so far as applicant is aware, no means have been devised for automatically computing and then displaying average price quotations on a group of stocks as quotations on the individual stocks in the group are transmitted to a plurality of quotation boards.

The principal object of the present invention is to provide an average price computer for accomplishing the above-mentioned result.

Another object is to provide an average price computer that can be associated with a master board at a central station and be controlled by the selecting circuits of the master board.

An additional object is to permit the stock quotations to be transmitted as they appear on the ticker tape, and yet have the transmitted quotations control the master board and the average price computer.

Another object is to facilitate a change in the group divisor whenever stock split-ups or stock dividends are declared on any of the stocks in the group to be averaged, in order that the average price of this group can be properly obtained. The group divisor is that quantity by which each price rise or fall of any stock in the group to be averaged is divided in order to determine the amount to be added to, or subtracted from, the previous average price of the group in finding the new average price of the group.

Another object is to permit the digits and fractions of a price on any stock to be averaged simultaneously.

The present invention is designed for employment with a stock quotation system of the type disclosed in copending application, Serial No. 495,370, filed on November 30, 1930 in the names of A. A. Clokey and G. S. Vernam. This co-pending application discloses a plurality of receiving boards located at an equal number of receiving stations on each of which quotations are simultaneously posted in response to signals received from a central or sending station.

In addition to these receiving boards, the present invention contemplates the provision at the central station of a board similar to these receiving boards and controlled, as they are, by a common transmitting means at the central station. This additional board, which may be termed a master board, provides a check on the signals transmitted by the sending operator.

The present invention further contemplates the provision of an average price computer associated with and controlled by the master board.

Accordingly, one of the principal features of the invention consists of an average price computer controlled by a master board which, in turn, is under the control of a transmitting means common to it and to a plurality of receiving boards located at an equal number of receiving stations.

In response to received signals, certain means in the master board effect the selection of an indicator unit in the average price computer for displaying quotations on the desired stock, providing, of course, that the quotation represented by the received signals relates to a stock in the group to be averaged, and, subsequently, other means in the master board repeat the price impulses into the computer.

Accordingly, another feature comprises the means in the master board for selecting the in dicator units in the recorder and the additional means for repeating the price impulses into the recorder.

The price impulses received from the master board are stored by the average price computer and then the stored price, if it is the price of a stock in the group to be averaged, is compared with the previous price on the same stock for the purpose of determining, not only whether the entire stored price is a "high" or a low", but also whether the fraction of the stored price is higher or lower than the fraction of the previous price.

Accordingly, an additional feature consists of the means for storing the price impulses received from the master board, and the additional means for comparing the stored price with the previous price on the same stock.

The average price computer then finds the difference between the stored price and the previous price on the same stock and then this difference is stored. At the same time the stored price is posted on the previous selected indicator unit.

Accordingly, a further feature is the means for determining and then storing the price difference between the stored price and the previous price on the same stock.

If the stored price is a high", the price difference then found is utilized to control the average price register. If, however, the stored price is a "low, this price difference is incorrect as it represents the price difference when the stored price is higher than the previous price on the same stock. When the stored price is a low", therefore, this price difference must be modified to correspond to the real price difference between the stored and previous prices. For purposes of identifying these two price differences, the price difi'erence when the stored price is a high" may be said to be unmodified and the price difference when the stored price is a "low" may be said to be modified.

Accordingly, another feature of this invention is the means effective when the stored price is a low" for modifying the previously found price difference to find the correct price difference.

Furthermore, whenever the entire stored price is a "low" and the fraction high, or vice versa, both the modified and unmodified price differences are adjusted to compensate for the "decimal progression which occurs in the process of addition and subtraction, as exemplified in arithmetical addition and subtraction by the acts of "carrying forward" and taking away".

Accordingly, a further object is the means for adjusting the price difference previously found whenever the entire price is low and the fraction high, or vice versa.

When the stored price is a high", the average price register is then advanced in accordance with the average of the unmodified price difference, compensated or not for decimal progression, as the case may be, and when the stored price is a low the register is turned back in accordance with the average of the modified price difference. compensated or not, as the case may be, for decimal progression.

Accordingly, another feature is the means for causing the average price register to be turned back whenever the stored price is a low.

The average price register of the computer is in view of the sending operator, who can transmit the average price quotations on this group, or any other group, as often as they change. The average price is then posted on special indicator units on the master and on the receiving boards.

Other objects and features will become apparent from the following specification, the appended claims, and the attached drawings, wherein:

Fig. 1 illustrates a transmitter, transmitting distributor, and associated sending relays for controlling the operation of the master and receiving boards and the average price computer;

Fig. 2 illustrates a receiving and an auxiliary distributor together with a permutation unit for controlling the master board and the average price computer.

Fig. 3 shows the stock selection circuits including the various transfer and stock selection relays.

Fig. 4 illustrates the price selecting circuits of the master board used for integer selection;

Fig. 5 illustrates the fraction price selection circuits of the master board;

Fig. 6 illustrates certain control circuits;

Fig. 7 illustrates the hundreds and tens price storage relays, the hundreds, tens, units and fractions high and low price relays, and the high and low price relays for the entire price and for the fraction of the price of the computer.

Fig. 8 illustrates the computer units price storage relays, and the repeaters associated, respectively, with the units price storage relays and the fractions price relays;

Fig. 9 illustrates certain multiple connections between the contacts of the price storage relays and the commutator contacts of Fig. 10;

Fig. 10 illustrates the indicators of a single stock in the average price computer with their associated commutators and the indicator positioning means, together with the multiple connections between the commutators associated with different average price computer stock indicators and the common price storage relays;

Fig. 11 illustrates the units counting and control relays;

Fig. 12 illustrates the fractions counting and control relays;

Fig. 13 illustrates the register and the driving means therefor;

Fig. 14 illustrates the details of the indicator employed in the indicating mechanisms of the computer together with its associated commutator;

Fig. 15 illustrates the relation between the shaft for positioning the indicator and the brush on the commutator; and

Fig. 16 illustrates schematically the manner of associating the various figures of the drawings to form the drawing of the entire system.

It is to be noted that in the drawings the first figure of any reference character (the first two figures of the reference character if it contains four figures) is always the same as the number of the figure on which it appears.

A general description of the structure and operation of the system will be given here to facilitate an understanding of the detailed description to follow.

The apparatus disclosed in the drawings is located at a central or sending station. It comprises transmitting means 0 (Fig. l), a master board (Figs. 2-6), and an average price coniputer (Figs. 713).

That portion of the master board essential to an understanding of the present invention comprises a receiving distributor P1 (Fig. 2), an auxiliary distributor P2 (Fig. 2), a permutation unit Q (Fig. 2), stock selection relays with their associated counting and transfer relays R3 Fig. 3), digits price selection relays with their associated counting and transfer relays R1 (Fig. 4), fractions-price selection relays with their associated counting and transfer relays R2 (Fig. 5), and a figure shift relay with its associated counting relays S (Fig. 6).

The average price computer comprises hundreds, tens and units price storage relays VI, V2 (Fig. 7) and V3 (Fig. 8), respectively, a plurality of indicator units each similar to that shown at U (Fig. 10) and the shafts and driving means for positioning the indicators, the

individual digit and the fraction price comparing relays W1 (Fig. 7), the entire quotation and the fraction price comparing relays W2 (Fig. 7), the units repeater X2, and the fractions repeater X1 (Fig. 8), the units price counting relays Y1 (Fig. 11), the units control relays Y2 (Fig. 11) the fractions price counting relays Y3 (Fig. 12), the fractions control relays Y4 (Fig. 12), and the register with its controlling means Z (Fig. 13).

The operation of the system just outlined 15 as follows. The transmitting means 0 (Fig. 1) sends stock selection and price selection signals simultaneously over the lines L2 to a plurality of receiving quotation boards and over the line L1 to the receiving relay 203 of the master board. As the operation of the receiving boards in response to the received signals may be understood by reference to the above-mentioned copending application, and as these boards form no part of the present invention, a description of them will be omitted herein. The signals received by the receiving relay 203 of the master board start the receiving distributor Pl (Fig. 2) which in turn causes the auxiliary distributor P2 to start. The receiving distributor P1 predetermines which of the circuits PO, SN, A-M and 1-5, controlled by the permutation unit Q, are to be subsequently closed. The auxiliary distributor P2 completes the preselected circuit through the permutation unit and also restores the permutation unit to its normal condition, upon which it is ready to receive a new set of impulses from the transmitting means 0.

It is evident from the description up to this point that, by sending a plurality of signals over the line Ll, the transmitting means 0 can suecessively operate the permutation unit Q to close, upon each operation, any one of the conductors in the four groups P-(), S-N, A-M and 1-5.

Before continuing with a description of the operation it should be pointed out here that the stock selection relays 310-315 are divided into three groups, namely, into one, two and three letter groups. The first three groups of conductors P-O, S-N and A-M are normally associated with corresponding stock selection relays in the one letter group.

Now, when the permutation unit Q is operated by the first received stock selection signal, the proper stock selection relay of the one letter group is operated, and the three conductor groups mentioned are associated with corresponding stock selection relays in the two letter group.

Similarly, when the permutation unit Q is operated by the second and third received stock selection signals, the proper stock selection relays in the two and three letter groups, respaetively, are operated, for, upon the operation at the two letter relay, the three conductor groups mentioned are associated with corresponding re lays in the three letter group.

The operated stock selection relays complete a jointly controlled operating circuit for a stock relay, as 1015, thereby selecting an indicator unit, as U (Fig. 10), of the average price computer.

After the stock selecting signals have been received, a shelf selecting signal, or a special figure shift signal, is received by the master board. Whichever of these signals is received causes the permutation unit Q to close one of the conductors 1-4, thus operating a figure shift relay 606. The operation of this relay causes the conductors P-O to be transferred into association with the hundreds price selection relays 410-419, and the conductors S-N to be transferred into association with the fractions price selection relays 504-511. In addition, whenever either type of signal is received, certain relays of the average price computer are cleared out, as will be explained later. The clearing out of these relays conditions the recorder for another operation.

When the permutation unit Q is operated by the next received signal, the first price selecting signal, the proper price selection relay in the hundreds group 410-419 is operated, and the conductors P-O are transferred into association with the tens price selection relays 420- 429.

Similarly, when the permutation unit Q is operated by the second and third received price selection signals, the proper relay in the tens and units price selection relay groups 420-429 and 430-439, respectively, is operated, for upon the operation of the tens price selection relay the conductors P-O are transferred into association with the units price selection relays 430-439.

Upon the next received price signal, the permutation unit Q is operated to close one of the conductors SN, thus operating the proper fractions price selection relay in the group 504- 511.

The foregoing description covers the operation of as much of the master board as is necessary to an understanding of the present invention. The operation of the average price computer in posting the price of a stock in the average group and in determining the new average price of the group will now be explained.

When the stock relay 1015 is operated, the wipers N of commutators 1005-1008 in the selected indicator unit are each connected to one of the groups of price storage relays V1. V2 and V3 (Figs. 7 and 8) and to the fractions price selection relays 504-511.

Assuming that a complete price has been received by the master board, a relay in each of the hundreds, tens, units and fractions price selection relay groups is operated. In this case, the operated hundreds, tens and units price selection relays will cause the operation of corresponding relays in the hundreds, tens and units price storage relay groups V1, V2 and V3.

If a partial price has been received by the master board, transfer means, to be explained in detail later, are provided so that the operated digits price selection relays will complete operating circuits for the proper digits price storage relays.

When a relay in the hundreds price storage relay group V1 is operated, an associated relay 723 completes, through the segment on which the wiper N of the hundreds commutator 1005 was last stopped and through the contacts of the hundreds price storage relays, a circuit for operating either a hundreds high relay 726 or a hundreds low relay 727; the relay operated depending upon whether the hundreds digit of the stored price is higher or lower than the hundreds digit of the previous price on the same stock.

Similarly, a relay 722 associated with the tens price storage relays V2, when operated, completes an operating circuit for either a tens high or low relay 728 or 729. depending upon whether the tens digit of the stored price is higher or lower than the tens digit of the previous price;

(ill

a relay 822 associated with the units price storage relays V3, when operated, completes an operating circuit for either a units high relay 730 or a units low relay 731, depending upon whether the units digit of the stored price is higher or lower than the units digit of the previous price on the same stock; while a relay 512 associated with the fractions price selection relays 504-511, when operated, completes an operating circuit for either a fractions high relay 732 or a fractions low relay 733, depending upon whether the fractions of the stored price is higher or lower than the fraction of the previous price on the same stock.

The operated high or low relay corresponding to the highest order of the price controls the relays 734 and 735, while the fractions high relay 732 controls the relay 736 and the fractions low relay 733 controls the relay 737.

The relays W2 serve, then, to indicate whether the entire stored price is higher or lower than the previous price on the same stock and also whether the fraction of the stored price is higher or lower than the fraction of the previous price.

After these price comparisons have been made, the four clutch magnets 1016, 1023, 1025, etc., of the indicators in the selected unit are energized, clutching the indicators and the brushes N of the associated commutators 1005-1008 to power driven shafts 1009-1012.

Each commutator brush N is then carried over its associated commutator segments until it reaches a particular segment corresponding to the operated price storage relay in the associated group. As each wiper N reaches this segment the associated clutch magnet 1016 is de-energized and the wiper comes to rest. Thus, when the stored price is high", each commutator wiper traverses a number of segments corresponding to the number of points change in each digit and fraction and when the stored price is "low, each commutator wiper traverses a number of segments, which in the case of any digits commutator corresponds to the number that, subtracted from 10, will give the digits change and which in the case of the fractions commutator corresponds to the number that, subtracted from 1, will give the fractions change in eighths.

For each segment of the units commutator 1007 traversed by the brush N, the units repeater X2 is operated to repeat an impulse into the units counting relay group Y1. Similarly, for each segment of the fractions commutator 1008 traversed by the associated brush the fractions repeater X1 is operated to repeat an impulse into the fractions counting relay group Y3. It is, therefore, evident that the number of segments crossed by the brushes of the units commutator 1007 and the fraction commutator 1008 will be indicated by the number of operated counting relays in the units group Y1 and the fraction group Y3, respectively. It is assumed that no increment in price change will be greater than ten points, hence this change in the price of any stock in the group to be averaged can be fully recorded in the two groups of counting relays shown.

If the new price establishes a high", that is, if the change of price is in a positive direction, the number of operated relays in the units counting relay group Y1 indicates the price change in units, and the number of operated relays in the fractions counting relay group Y3 indicates the price change in fractions. If the new price establishes a low", that is, if the change is in a negative direction, the number of unoperated relays in the two counting relay groups, rather than the number of operated relays, indicates the price change in units and fractions. In the latter case, that is, when the entire new price is low", the two transfer relays 1101 and 1201 operate. The operation of these relays places the register at Z (Fig. 13) under control of the unoperated, rather than the operated, counting relays in the two groups Y1 and Y3. The register will, therefore be controlled by 10 minus the number of operated units counting relays and by 1 minus the number of operated fractions counting relays.

The operated or unoperated units counting relays, as the case may be, complete multiple operating circuits for the units start magnet 1301 which releases the units shaft 1306. This shaft turns one or more revolutions corresponding to the change in the units part of the price. For each revolution made by the shaft 1306, a control relay of the group Y2 is operated to disable one of the multiple operating circuits for the units start magnet 1301. Consequently, when the units shaft 1306 has made a number of revolutions equal to the number of operated units counting relays, in one case, and equal to the number of unoperated units counting relays, in the other case, the units start magnet 1301 is released and the units shaft 1306 is stopped.

Similarly, the operated or unoperated fractions counting relays, as the case may be, complete multiple operating circuits for the fractions start magnet 1302, which releases the fractions shaft 1312. This shaft turns through a part of a revolution proportional to the fractional change in price, after which it is brought to rest by the release of the fractions start magnet 1302, which occurs when its last operating circuit is opened by the operation of a selection control relay in the group Y4.

The motion of the two shafts 1306 and 1312 is 'transmitted through the differential gearing 1318 to the shaft 1319, and the shaft 1319, in turn, causes a corresponding motion of the revolution indicator shaft 1304. Thus, the changes in price in both units and fractions are transformed into a corresponding rotary motion, which, in turn, effects the setting of the revolution indicator It should be noted that before the system is put into operation, the revolution indicator or register 1303 is manually set to the figures indicating the average price of the groups of stocks to be averaged. The wipers N of the commutators 1005-1008 associated with this group of stocks are also positioned to indicate the current price of each stock.

Turning now to the description of the apparatus employed in carrying out the invention, Fig. 10 illustrates schematically an indicator mechanism of the average price computer for displaying the usual "last price quotations on a single stock in the group to be averaged. In

actual practice the computer would be provided with as many indicating mechanisms as there are stocks in the group to be averaged by this recorder. The indicating mechanism for each stock can be operated independently of the indicating mechanism for the other stocks, though as will be described later, the indicating mechanism for the several stocks are operated from the same transmitting device.

As every indicating mechanism in the average price computer is similar to the one shown in Fig. 10, a description of this one will serve for all. The indicating mechanism comprises four indicators, one, 1001, adapted to inidcate the hundreds digits of the price, another, 1002, the

, tens digits, a third, 1003, the units digit, and the last, 1004, the fraction. Associated with the indicators 1001-1004 are commutators 1005 1008, respectively.

The indicators of each mechanism are arranged side by side, and in practice, all of the indicators of the recorder are arranged behind a board or partition (not shown) which has windows therein through which a portion of the periphery of each indicator is visible. n the peripheries of the hundreds, tens and units indicators appear the figures 0 and 1-9, and on the fractions indicators appear the quantities 0 and A -V Whenever a quotation is to be posted, the transmitting means, provided the transmitted quotation relates to a stock in the group to be averaged, sets in operation the selecting mechanism and the indicator operating mechanism of the computer, as will be described later, with the result that predetermined indicators in a selected indicating mechanism of the computer are turned until the quotation to be indicated is visible to the sending operator through the windows in the front of the board (not shown).

Corresponding indicators in the different indicating mechanisms of the computer are mounted on one of four shafts 10091012 or on other shafts (not shown) driven thereby. For example, every hundreds indicator 1001 is mounted on shaft 1009, every tens indicator 1002 on shaft 1010, every units indicator 1003 on shaft 1011, and every fractions indicator 1004 on shaft 1012. These shafts are arranged to be driven through shaft 1013, \by a continuously operating motor 1014.

The construction of the indicators, the method of positioning them by rotating the shafts, and the construction of the commutators will now be explained by reference to Figs. 14 and 15. Referring to Fig. 14, the indicator drum 1401 is a thin metal cylinder about 1 in diameter and 1 long, which carries, as previously pointed out, the numerals 0 and 1-9 on its periphery if the indicator is a digit indicator and the quantities 0 and if the indicator is a fractions indicator. The cylinder is attached at the top to a metal disc 1402 which carries a flange 1403, into which is inserted a tube 1404. Tube 1404 carries a drive tooth 1405 (see also Fig. 15) co-operating with a sleeve 1406. Attached to this sleeve but insulated from it is a doubleended wiper 1407 adapted to wipe over a plurality of commutator segments 1408 and a common ring 1415. A vertical shaft 1409, continuously rotated by the motor 1014, extends through tube 1404 without touching it.

Disc 1402 is the armature of an iron-clad electromagnet comprising coil 1410, the core of which is a split metal tube 1411. Coil 1410 and the outer portion of tube 1411 are cut away to show shaft 1409 and other portions of the mechanism more clearly. The magnetic circuit consists of a split metal tube 1412, surrounding the coils, and a metal disc 1413 at the bottom of the coil.

The entire magnet comprising coil 1410, core 1411, casing 1412, and disc 1413 is supported by an external support 1414 through which shaft 1409 extends. The indicator drum 1401 and the wiper 1407 are, thus, free to rotate, while theindicator, though not the wiper 1407, is free to move vertically. The vertical travel of the indicator is limited by stops to be described later. As shown by Figs. 14 and 15, the drive tooth 1405 is positioned in a vertical slot extending from the top to the bottom of the sleeve 1406. It is thus apparent that the vertical movement of the sleeve 1404 will not be transferred to the wiper 1407.

Inserted above coil 1410 between tubes 1411 and 1412 is a fibre piece 1430, on which rests a helical spring 1416 which presses upwards and against disc 1402 and thus tends to move the disc and the indicator drum 1401 upward. Around the outer edges of drum 1401 and the flange of disc 1402 are the uniformly spaced slots 1420. On the fixed support 1422, which carries the commutator segments 1408, is mounted a stop spring 1421 which engages these slots to prevent rotation of the indicator drum 1401 when it is in the upper position. When the coil 1410 of the magnet, hereinafter called the clutch magnet, is energized, the drum 1402 is driven downward and the slots clear the stop spring 1421, freeing the indicator drum 1401 for rotation.

A metal tube 1426 provided with a hub extends through magnet support 1414 and the lower part of magnet core 1411. The hub of this tube is attached to shaft 1409 and rotates with it. A tooth 1427 is formed on the upper part of the tube and is adapted to engage a similarly shaped tooth 1428 on the lower edge of the tube 1404.

The commutator consists of the wiper 1407, which rotates in a plane perpendicular to the axis of the shaft 1409, a common ring 1415, and segments 1408. One end of the wiper is adapted to make contact with the common ring and the other to make contact with any one of the segments. If the indicator is to be used in either the hundreds, tens or units position, the associated commutator is provided with ten segments 1408, each corresponding to one of the ten digits on the periphery of the drum 1401; while if the indicator is to be used in the fractions position, the associated commutator is provided with eight segments 1408, each corresponding to one of the eight quantities on the periphery of this drum. These segments are mounted in an insulated strip 1422 which is externally supported and maintained in a fixed position.

When the indicator clutch magnet 1410 is energized, the indicator drum 1401 is attracted, thereby vertically aligning teeth 1427 and 1428, after which tooth 1427 strikes tooth 1428 causing rotation of the indicator drum 1401 and the wiper 1407 of the associated commutator. When the circuit of the clutch magnet is broken, in a manner that-will be described later, the indicator drum 1401 is released and tooth 1426 is moved out of engagement with tooth 1427. When this occurs, as previously explained, the stop 1421 engaging one of the slots 1420 causes the indicator drum 1401 to stop in the position of release.

Likewise, when the indicator clutch magnet 1410 is energized and the tube 1404 rotated, wiper 1407 is rotated, wiping over both the common ring and the segments of the commutator until it is brought to rest by the arresting of the indicator drum 1401. At this point it is proper to mention that the wiper 1407 is so mounted on tubing 1404 as to be in phase with tooth 1428, and consequently, when the tooth 1427 is driving tooth 1428 and the digit 1 on the indicator drum 1401 is in the display position, wiper 1407 will rest on the commutator segment 1408 corresponding to the numeral 1.

Consequently, when the clutch magnet 1410 of the indicator is released and the indicator drum 1401 is locked in the position of release, the brush 1407 of the associated commutator is brought to rest on the segment corresponding to the digit or fraction displayed by the indicator.

Associated with each indicating mechanism in the computer, as the one illustrated in Fig. 10, is a stock relay 1015. When operated this relay serves to condition for selection the clutch magnets of all the indicators in the associated mechanism and to prepare circuits which are to be subsequently extended through the commutators 1005-1008 for the purpose of controlling the average price computer.

Before describing the means for selecting the various stock relays, and also before describing the means for determining what control circuits are to be extended through the commutators 1005-1008, the transmitter and the associated permutation unit for controlling both of these means will be described.

Referring to Fig. l, a transmitting means 0 controls the operation of the master board and all of the receiving boards (not shown), as well as the operation of the average price computer.

The transmitting means 0 is located at the sending operators position. It comprises a tape sending distributor 101, a keyboard transmitter 131, a tape printer 130, a key 126, a master sending relay 104, a local record relay 105, and sending relays 106 and 107.

The tape sending distributor unit 101 comprises a motor driven brush arm 110 (the motor not shown) arranged to be driven over a distributor face having a common ring 111 and a segmented ring having seven segments 112-118. The tape sending unit includes a transmitter, similar to those used for multiplex transmission, having five armatures 119-123 arranged to make contact with grounded common contact strip 124, which is connected to segment 112 of the distributor ring, or to make contact with common contact 125 which is open. The armatures 119-123 are connected to the segments 114-118, respectively, of the distributor ring.

The position of the armatures 119-123 depends upon the perforations in the prepared tape. Associated with each armature is a pin (not shown). If there is a perforation in the tape above this pin, the armature makes contact with contact strip 124; if there is no perforation above this pin, the armature makes contact with contact strip 125. The perforated tape is stepped ahead mechanically by a cam (not shown) on the brush arm driving shaft (not shown), rather than by a magnet, as is usual in multiplex transmitters. Brush arm 110 is driven through a friction clutch (not shown) and may be stopped by lifting tape stop lever 126. The lifting of this lever opens the circuit of the clutch magnet 127, thereby releasing stop arm 128 which brings brush arm 110 to rest on segment 112. When the tape stop lever 126 is down brush arm 110 rotates continuously.

The tape controlled distributor 110 is employed only during the busy hours of the market day. At other times the keyboard transmitter 131 is used to transmit the selection signals. By operating the key 103 the tape controlled distributor 110 can be disconnected from, and the keyboard transmitter 131 connected into, the transmitting circuit.

The master sending relay 104 is a polarized relay and has a right-hand or operating winding and a left-hand or biasing winding through which a current of approximately 30 milliamperes flows. When the operating winding is open, the biasing winding serves to hold the relay armature on the S contact, but when the operating winding is closed the relay armature is moved to the M contact.

The sending relays 105-107 are arranged to operate in unison with the master relay. That is, when the armature of master relay 104 rests on contact M, battery flows through the sending relay windings in such a direction that these relays move their armatures to their M contacts; and when the armature of relay 104 rests on its S contact, battery flows through the sending relay windings in the opposite direction, thus causing these relays to move their armatures to their S contacts.

As previously stated, the receiving boards controlled by sending relay 107 over line L2 are similar to the boards disclosed in the previously mentioned co-pending application, and their operation will not be described here. Sending relay 105 controls the local printer 130, thus giving the sending operator a record of the signals transmitted. Sending relay 106 controls the master board. It is obvious that additional sending relays, also controlled by the master relay 104, might be added to control any desired number of additional receiving boards.

It is evident from the foregoing description that a perforated tape fed through the transmitter or the operation of the keyboard transmitter 131 will cause the master relay 104 to be operated in accordance with the perforations in the tape, and that the sending relays 105-107 will follow the operations of the master relay.

The permutation unit Q, which is controlled by the sending relay 106 and which, in turn, controls the master board, will now be described. Referring to Fig. 2, a receiving relay 203 is controlled over line Ll by sending relay 106. Associated with the relay 203 is a receiving distributor P1, and controlled by the receiving distributor is an auxiliary distributor P2. The receiving distributor P1 is maintained in synchronism with the sending distributor of Fig. l by the start-stop method; that is, the motor driven brush arm 210 of the receiving distributor is rotated about 12% faster than the motor driven brush 110 of the sending distributor and is arranged to be stopped at the end of one revolution and to be started at the beginning of the next revolution, in phase with the transmitting brush.

Rigidly mounted on the drive shaft (not shown) of brush arm 210 are cams 221 and 223. The cam 221 has a projection which is adapted to be engaged by an armature 220 of a start relay 219. When this occurs the friction clutch (not shown) is disengaged, and the brush arm 210, which is driven through the friction clutch, is brought to rest. When relay 203 closes its S contacts on the receipt of a start signal, start relay 219 is energized, disengaging its armature 220 from the projection on the cam 221, thus allowing the brush arm 210 to be driven through the friction clutch (not shown). The other cam 223, co-operating with spring contacts 222, serves to prevent any further energization of start relay 219 until after the brush arm 210 has completed this revolution.

The auxiliary distributor P2 is likewise of the start-stop type. It also has associated with it a start relay 247, having an armature 248 which co-operates with a cam 249, in the manner previously described, to start and stop the rotation of brush arm 260.

Associated with these two distributors is the permutation unit Q. The function of the permutation unit Q, as previously pointed out, is to associate any one of four groups of conductors P-O, S-N, A-M and 1-5 with conductor 241, which is controlled by the auxiliary distributor P2. The permutation unit comprises two groups of relays 250-255 and 270-274 and 276, which jointly control the connection of any one of the four groups of conductors to conductor 241. During each revolution of the distributor brush 210, predetermined relays in the group 250-254 are operated in accordance with received signals. The operation of any of the relays 250-254 prepares an operating circuit for a corresponding relay in group 270-274. During each revolution of the auxiliary distributor brush 260, the conditioned relays in group 270-274 are operated, and then relay 255 is operated to effect the release of the operated relays in group 250-254. The operation of predetermined relays in group 270-274 connects one of the thirty-two conductors in the four groups to conductor 241. Following this, the auxiliary distributor brush 260 connects battery to the selected conductor connected to conductor 241 and also to conductor 277, and finally completes the circuit of relay 273 which effects the release of the operated relays in group 270-274.

It is thus evident that the permutation unit can be selectively operated by signals sent from the transmitting means 0 to select a predetermined one of the four groups of conductors, and that parallel circuits including this conductor and conductor 277 can be closed and the permutation unit then released to await the reception of the next signal.

The first group of conductors P-0 and the second group S-N are joint stock and price selecting circuits. The third group A-M are stock selecting circuits only, and the fourth group 1-5 are "stunt circuits whose function will be explained later.

The means for selecting the indicating mechanisms of the master board adapted to display quotations on the various stocks and the indicating mechanisms of the computer adapted to display quotations on the stocks in the group to be averaged will now be described. All of these indicating mechanisms, as previously stated, are divided into three groups, one comprising indicating mechanisms for displaying quotations on stocks designated by one letter, another comprising indicating mechanisms for displaying quotations on stocks designated by two letters, and the last comprising indicating mechanisms for displaying quotations on stocks designated by three letters.

The stock selection relays shown in Fig. 3 are located in the master board and serve to select the indicating mechanisms of the master board as well as those of the average price computer. They, like the indicating mechanisms themselves, are divided into three groups of one, two and three letter stock selection relays. The one letter group, the two letter group in co-operation with the one letter group, and the three letter group in co-operation with the one and two letter groups, serve to select corresponding stock relays in the one, two and three letter groups, respectively, in both the master board and in the average price computer. Consequently, by means of these stock selection relays, any indicating mechanism for displaying quotations on a stock designated by one, two or three letters, and located within the master board or in the average price computer, can be selected.

Each of the three groups of stock selection relays may be provided with twenty-six relays, in which case the one letter group can select any one of twenty-six stock relays, the two letter group can select any one of 676 stock relays, and the three letter group can select any one of 17,576 stock relays. As each stock relay serves to select a particular indicating mechanism, and each indicating mechanism is adapted to display quotations on a particular stock, it is evident that in this case any one of 18,278 different stock indicating mechanisms can be selected in either the master board or the average price computer. Since it is unnecessary, in actual practice, to select this large number of stock indicating mechanisms in the master board, and unnecessary to select more than thirty or forty stock indicating mechanisms in the average price computer, each of the three groups of price selection relays would be provided with a smaller number of relays than twenty-six.

In the drawings, only two stock selection relays are shown in each group, as this number is sufficient to illustrate the stock selecting operation. Relays 310 and 311 are the M and P relays, respectively, in the one letter group; relays 312 and 313 are the M and P relays, respectively, in the two letter group; and relays 314 and 315 are the M and P relays, respectively, in the three letter group.

The three groups of conductors P-O, S-N and A-M controlled by the permutation unit Q, are normally connected to corresponding stock selection relays in the one letter group. For example, conductor P is normally connected to relay 311, which is the P relay in the one letter groups, and conductor M is normally connected to relay 310. which is the M relay in the same group.

Since the one letter group of selection relays is normally the only group conditioned fol election, means must be provided for subsequently conditioning the stock selection relays in the two and three letter groups for selection. In other words, means must be provided for consecutively connecting the three groups of conductors P-O, S-N and A-M, controlled by the permutation unit Q, to the stock selection relays in the second and third groups. These means comprise three pairs of counting relays 305 and 305', 306 and 306', 307 and 307', a pulsing relay 304 and three transfer relays 301-303. The

pulsing relay 304, which is connected to con-.

ductor 277 under control of the auxiliary distributor P2, is operated whenever a stock selection relay is energized. The pairs of counting relays serve to count the number of operations of the pulsing relay 304, which is in effect to count the number of stock selection relay groups in which a relay is selected. It should be noted that, upon the receipt of the first price or a shelf selecting signal, the circuit of the pulsing relay is opened. in a manner to be explained later, thus preventing a false stock selection 

